The birth, life, and death of the Bocade from Tucuman, Argentina, 1985-2003. A manifestation of monetary federalism

Nacimiento, vida y muerte del Bocade de Tucumán, Argentina, 1985-2003. Una manifestación de federalismo monetario

Bruno Théret
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Bruno Théret: IRISSO - Institut de Recherche Interdisciplinaire en Sciences Sociales - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

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Abstract: This article presents in detail a concrete case of monetary federalism, that of the Bocade, a fiscal currency issued between 1985 and 2003 by the Province of Tucumán in Argentina. It reviews the conditions of its birth, its initial operation in "infancy", then how, from infancy to death, it evolved through various stages designated as ‘adulthood', "middle age" and "old age". Finally, we examine the conditions of its sudden demise following Argentina's acute crisis in 2001-2002, with its forced return to a single currency regime. This article shows empirically that fiscal money is not always simply an emergency currency in a period of crisis, but perhaps also a permanent device which, in a federal political system, helps to correct the economic imbalances between federated entities created and maintained by a centralized single-currency regime.

Date: 2025-08-01
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Published in Ciclos en la historia, la economía y la sociedad, 2025, 64, pp.5-63. ⟨10.56503/CICLOS/Nro.64(2025)/3355⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05614191

DOI: 10.56503/CICLOS/Nro.64(2025)/3355

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